Financed By Bank Of Amerca
About
Business
Lenders
Frequently Asked Questions
  • Q. What happens when Business Lenders services our loans?
  • A. Borrowers make payments directly to us. We record the payment, calculate principal and Interest, and pass the payments on to you. Business Lenders provides the features you would typically expect such as mailing monthly billing statements, ACH processing, sending late fee letters, tax and insurance monitoring, collecting business financial statements and other SBA servicing requirements.
  • Q. If a customer has a question about their loan or loan payment who do they call?
  • A. The customer calls Business Lenders' toll free customer service number. Our customer service staff has access to their account information and is ready to assist them.
  • Q. What does Business Lenders do to collect late payments?
  • A. Business Lenders advises the borrower in writing that we did not receive their payment on time. If there is a late charge clause in the note they're advised that a late fee is assessed.
  • Q. How much does Business Lenders charge for its services?
  • A. A service fee per loan is typical. Our pricing reflects our philosophy as a lender. Business Lenders does not charge for any recovery of collateral or unpaid interest. The collateral is not ours. The interest you lost is not ours. Why should Business Lenders collect a fee on your collateral and your interest when you are paying us a servicing fee?
  • Q. Does our bank's portfolio need to be a certain size for Business Lenders to service it?
  • A. We service large and small portfolios. One of the portfolio's we service totals $300 million and another totals $15 million. For banks that are starting SBA lending and would like us to service, we will service smaller amounts as long as there's a plan for growth.
  • Q. Does Business Lenders service loans in every state?
  • A. Yes, we service loans in all 50 States.
  • Q. How will our bank know how our portfolio is performing?
  • A. We provide monthly servicer reports with complete details on loan performance, balances, payoffs, and all the details you'll need to know.